What To Know About Students with summer jobs needlessly paying tax, and how to get it all back

T he break given in Universities is usually long especially during the summer which is why students opt to take up temporary jobs to tide them over the period. This is a great opportunity for students to take up responsibility and learn how to manage money earned. It has been noted that students are paying more tax than they should. There has been an initiative to help Students with summer jobs needlessly paying tax - how to get it all back. If you have been over taxed, you should ensure you get a refund from the tax man. Everybody enjoys a personal allowance before they have to be taxed. Students with summer jobs do not reach that threshold and should not be taxed. However, students are expected to pay National Insurance contribution which is done on a pay period. Threshold for National Insurance is different from the Personal allowance which dictate a payment of 12% for earned amounts over £157 a week. This tax is absolutely non-refundable. You can make an online tax refund claim done on a P50 form. The HMRC's tax checker tool will help you work out the refundable amount due. You only need to print and post it to the taxman. Students are encouraged to be proactive about their financial matters and know the exact amount they are obligated to pay. That will help reduce instances of Students with summer jobs needlessly paying taxes, and help them get it all back if it happens.